With a Home Equity Line of Credit, Get the Cash You Need. The Second You Need It.

posted: 06/09/2011

As you know, there are many wonderful reasons for owning your home. One of the best advantages is being able to access the equity you’ve accumulated for cash when you need it.

With a home equity line of credit from MECU, you can use the money for whatever you wish — such as making home improvements, financing college expenses, consolidating bills, even buying a car.

A home equity line of credit from MECU offers these outstanding benefits: No closing costs (taxes may apply in Florida, Georgia and New York) Loan amounts up to 90 percent of your home’s current market value, less any mortgage balance Interest you pay may be tax deductible (consult your tax advisor) No annual fees or prepayment penalties

Getting access to your line of credit couldn’t be easier. Simply log in to your MECU account to easily transfer funds from your home equity credit line to your checking or savings account.

For more information or to apply, call toll-free 877.270.6392 and select option 3, then option 1.

With MECU, you can be sure everything we do is for the benefit of our members. Great loan products and highly competitive rates are just some of the ways we’re committed to making your life easier and more rewarding.

* A variable Annual Percentage Rate (APR) applies to this loan. It can adjust quarterly based on the Prime Rate as published in The Wall Street Journal 45 days prior to the rate change date. Qualified properties include owner-occupied single-family homes, condominiums, town homes, and one to four unit multiple owner-occupied dwellings in AZ, CA, FA, GA, IL, MA, NH, NY, PA, TX and WI. Qualified members can borrow up to 90% of the current market value of their home (less any outstanding liens). In Texas, the limit is 80% of loan to value. Texas residents: You may borrow up to 80% of your home’s property value, less any outstanding first mortgage balance, not to exceed 50% of your home’s value. State laws may affect final terms. Minimum initial advance is $5,000 and subsequent advances must be $500 or more, except for TX, which is $4,000 for both the initial and subsequent advances. The costs for originating your loan, excluding any intangible/mortgage tax, are waived at closing. If residing in FL, GA or NY, the intangible/mortgage tax, ranging from $10 to $5,000, depending on state and amount of home equity line of credit (HELOC) limit, must be paid by borrower at closing or can be included in your initial advance. If the HELOC is closed within 12 months of opening, the closing costs waived must be reimbursed, typically $350 to $2,000. Maximum APR is 18%.

 

NMLS ID: 411839

 

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